Synchrony and CoFi have partnered to deliver new payment options to the vision industry.
With this collaboration, Synchrony’s CareCredit credit card will be made available through CoFi’s consolidated payment platform for ophthalmologists, optometrists and surgery centers by the end of 2023, the companies said in a Thursday (May 4) press release.
“We believe this partnership brings a tremendous value to our providers and patients who are eager to have CareCredit as an option for payment,” CoFi CEO Sean Hanlon said in the release.
More than 2,000 vision industry professionals use the CoFi platform, which consolidates bills into a single billing statement when services involve multiple providers. This allows patients to pay for or finance an entire episode of care at once, according to the release.
With the addition of the CareCredit credit card, patients can apply for the card in the provider’s office, find out within minutes if they have been approved, and receive offers of promotional financing options, the release said.
“Technology partnerships with organizations like CoFi, with the integration of the CareCredit credit card into their platform, further ease the financial workflows for providers and offer a seamless way for patients to finance their consolidated vision expenses in a way that works within their budget, so they can get the care they want and need,” Greg Pierce, senior vice president and general manager of specialty at Synchrony, said in the release.
PYMNTS research has found that consumers often face overwhelming out-of-pocket costs and a challenge managing healthcare spending, especially when they are not expecting bills.
One helpful tool is the payment plan, which enables patients to stretch out these medical expenses over time, according to “Managing Healthcare Costs: How Patients Use Payment Plans,” a PYMNTS and Experian Health collaboration.
The report also found that healthcare providers that offer effective and user-friendly payment plans for out-of-pocket expenses not only improve the patient experience, but also strengthen their customer base.
New digital payment tools that allow consumers to afford care are making medical debt more manageable, Shannon Burke, senior vice president and general manager of health and wellness at Synchrony, told PYMNTS in an interview posted in November.
This is driving greater innovation in healthcare payments, with specialized lines of credit and buy now, pay later (BNPL) options increasing availability and uptake, Burke said at the time.